Statement from ISS President & CEO, Gary Retelny:
ROCKVILLE, Md. (March 10, 2021) – The U.S. Department of Labor’s Employment Benefits Security Administration today announced that it will not enforce recently published final rules on “Financial Factors in Selecting Plan Investments” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.” The department released the announcement as an enforcement policy statement under Title I of the Employee Retirement Income Security Act of 1974.
“ISS applauds today’s decision by the Department of Labor not to enforce the burdensome, unnecessary, and illogical rules that were hastily adopted late last year and which served to diminish the rights of institutional investors,” said ISS President & CEO, Gary Retelny. “We are particularly gratified by the Department’s recognition of the important role that environmental, social and governance integration can play in prudent investment management. We hope today’s decision is a harbinger of future efforts by the Biden administration to support institutional investors in their critical role as good stewards of capital on behalf of millions of American savers.”